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Your Fico Score Is An Important Piece of Information That You Should Always Know About Yourself
| Guest post by: Kristin Thayer |
Article Overview: Your Fico Score, a.k.a. Credit Score, is important and there are many simple ways to improve it. We'll cover those in a minute but first, what is a good credit score?
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Free Download - When Opening A Small Business, Choosing the Right Business Structure is Something that Should Not Be Taken Lightly By Kristin Thayer |
Your Fico Score Is An Important Piece of Information That You Should Always Know About Yourself
Do you know what your credit score is? Why does the finance company
look at your personal credit but they tell you the financing will be in
the business name? These are some common questions that business owners
ask when it comes to understanding their Fico Scores.
There really is no magical number that determines if you have a good
credit score or not. Obviously, the higher your credit score is, the
easier it will be for you to be approved for small business financing.
"I rarely ever use credit because I don't like borrowing money
and paying interest. I have a couple of open tradelines and a high Fico
Score so I should be all set, right?" Wrong! It is possible for a
person to have a 720 credit score with only 2 tradelines (accounts)
listed on his entire credit history, while another person has a 650
credit score but he has 25 total tradelines on his credit report. 10 of
those are currently open and only 1 account has ever been 30 days late.
The second person in this scenario gives a better idea of how he
will pay back a loan because he has a much larger credit history. The
first guy may have a 720 credit score but he only has 2 accounts so he
hasn't really had to manage much debt before. So don't be overly
concerned with what your actual Fico Score is.
What you should be concerned with
is how many tradelines you have, how old your oldest tradeline is, how
much revolving credit you have available to you and how much you have
remaining that you haven't used. These are the key items that Small
Business Financing companies are going to look at. Oh and of course,
they also look to see if you pay these tradelines on time.
The
number of tradelines is important because as we mentioned above, the
more history you have, the bigger the picture of how you handle and
manage your debt. If you are just beginning to build credit, you will
have a hard time getting approved for Small Business Financing but
don't be discouraged. Everyone had to start somewhere.
It is a good idea to always have anywhere from 5 to 7 tradelines constantly working your credit report. Less than 5 is too little to judge you on and more than 7 open tradelines can be difficult to manage.
This
doesn't mean if you have more than 7 right now you should go and close
them out. We're just trying to give you a general guideline. Although,
if you have more than 7 tradelines and you are maxed out on every bit
of credit that is available to you, put the brakes on and pay down your debt. You are a very high risk when you are maxed out. You may also want to learn ways of improving your credit score.
What affects your credit score?
Seeing Your Free Credit Score
Fico Score - What is it and How Does it Affect Me?
What the Heck are Business Credit Bureaus?
Changes to Your Credit Score
Credit Alliance Group Explains FICO & Debt to Income Ratio Info
Business funding sources for today's business owner...
How Healthy Is Your Business?
Raise Credit Scores: Raise FICO Score Product Review
Know Your Credit
Why A Good Credit Score Is Important To Your Business
Your Credit Score is an Important Tool for Good Money Management Practices
Buying or selling the Perfect Business
What Is A Credit Score?
Prior Business Experience Can Be Helpful When Starting a Small Business
4 personality traits to watch when selling your business
Kurlan's Law of Increased Sales Effectiveness
Bad Credit Car Loans - Getting a Auto Loan Financing With Bad Credit
How to Get a Online New Car Loan with Bad Credit
Management's Guide to the Top 10 Differences Between Sales Winners and Losers
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About the Author: Kristin Thayer RSS for Kristin's articles - Visit Kristin's website http://www.businessnoggin.com Click here to visit Kristin's website   Small Business Cash Advance How Does it Work Merchant Cash Advance When Opening A Small Business Choosing the Right Business Structure is Something that Should Not Be Taken Lightly Prior Business Experience Can Be Helpful When Starting a Small Business Credit Bureaus Hold the Key to Your Financial Future |
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